The Nasdaq index jumped around 2.5% on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Mr. Cooper Group
- The Trade: Mr. Cooper Group Inc. COOP CEO Jesse Bray sold a total of 23,920 shares at an average price of $39.78. The insider received around $835.38 thousand from selling those shares.
- What’s Happening: The company, during October, posted upbeat quarterly sales results.
- What Mr. Cooper Group Does: Mr. Cooper Group Inc is a home loan servicer. The company focuses on delivering a variety of servicing and lending products.
Read More: Investor Fear Eases After Nasdaq Rises More Than 2%
Tempur Sealy International
- The Trade: Tempur Sealy International, Inc. TPX EVP and Chief Financial Officer Bhaskar Rao sold a total of 5,532 shares at an average price of $35.03. The insider received around $193.77 thousand as a result of the transaction.
- What’s Happening: Tempur Sealy, last month, reported better-than-expected Q3 EPS results.
- What Tempur Sealy International Does: Tempur Sealy International Inc is one of the world's largest bedding providers. The firm develops and distributes bedding products globally through its North America and international segments (Europe, Asia Pacific, and Latin America). Tempur Sealy's products are divided into the bedding and other product categories.
Have a look at our premarket coverage here
- The Trade: Electronic Arts Inc. EA Director, CEO and Board Chair Andrew Wilson sold a total of 5,000 shares at an average price of $120.84. The insider received around $604.22 thousand from selling those shares.
- What’s Happening: Ascendiant Capital recently maintained Electronic Arts with a Buy and lowered the price target from $156 to $152.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
- The Trade: HP Inc. HPQ Chief Commercial Officer David P McQuarrie sold a total of 20,609 shares at an average price of $26.64. The insider received around $549.02 thousand from selling those shares.
- What’s Happening: HP, last month, posted Q4 earnings of $0.85 per share.
- What HP Does: HP Incorporated is a leading provider of computers, printers, and printer supplies.
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